By: Barbara Zigah
As reported at 9:03 a.m. in London, the Japanese Yen fell against both the single currency Euro and the U.S. Dollar as gains in equity markets whetted risk appetite and pointed investors toward high-risk/high-yield currencies. Analysts attribute the refocus on higher yielding currencies to the better-than-expected data from the U.S. housing department which was released on Friday and which showed that July’s existing sales of residential homes were up. Data on new home sales is expected to be released later this week.
The Japanese Yen traded at 135.72 Yen, a decline of .3% versus the Euro; versus the U.S. Dollar, the Japanese currency slid .5%, to trade at 94.92 Yen, off of a 1-month high of 93.42 Yen touched on the EBS trading platform on Friday. High yielding currencies, including the New Zealand and Australian Dollars benefited from the Yen’s slide; the NZD traded at 64.79 Yen, up .2%, while the AUD traded at 79.52 Yen, a rise of .5%.
Traders are awaiting the release of other economic data this week as a gauge of the global economies revitalization, including new industrial orders from the Euro zone, orders for American durable goods and revised figures for the U.S. GDP.
Japanese Yen slips broadly on Increased Risk Appetite
After working on Wall Street, Barb began her second career as a freelance writer at Daily Forex, where the CEO recognized fresh, untapped potential and was willing to give her a try. She’s never looked back. Since then, she’s worked steadily as a freelance writer and editor in the financial services and Forex-related industry.